Many of the shell companies
searched had huge financial transactions with Choksi's Gitanjali Gems Ltd and Gili India Ltd though they had insignificant businesses.
Figuring out who owns these shell companies
has been a long-running challenge.
Regulators are concerned that influential people and families could be using shell companies
to hide their wealth.
Some more details have been asked so that we can get refined data about shell companies
," the official added.
The MoS (Corporate Affairs) Shri Chaudhary said that as a result of the exercise of weeding out shell companies
, it would not only help in checking the menace of black money but also would promote an ecosystem of Ease of Doing Business and enhancing investors confidence to which the present Government is fully committed.
The I- T department has been analysing financial transactions of the shell companies
, which were used to route money to acquire alleged illegal properties.
Although the summit failed to deliver on the big prize of getting the UK's various overseas territories and crown dependencies, along with the US state of Delaware, to agree to publish their own registers of shell companies
, the wheels have been turning on identifying shell companies
for many months.
Meanwhile, the Extractive Industry Transparency Initiative (EITI) has promised to set out plans for its 51 member countries--20 of whom are in sub-Saharan Africa--to publish public registers detailing the owners of mining, gas and petroleum shell companies
by January 2017.
This Week revealed the document mentions the countries in which the shell companies
The papers, shared by the International Consortium of Investigative Journalists with a number of other media outlets earlier in April, documented 40 years' worth of records of Panamanian law firm Mossack Fonseca, which showed widespread use of tax havens and shell companies
by wealthy global elites to hold their assets offshore.
hide identities of foreign billionaires buying New York condos, drive up prices, undermine US efforts on stem tax evasion with overseas accounts
He and his associates are said to have set up a network of shell companies
to perpetrate the fraud.